TL;DR

• BTC price increased by 1.84% in the past 24 hours. After a brief market consolidation, trading volume surged, leading to a slight price uptick.
• On October 11, the total net inflow for U.S. Bitcoin spot ETFs was $254 million, while U.S. Ethereum spot ETFs had a net outflow of $97,100.
• Transaction volume on the Base network spiked, accounting for 40% to 60% of the total volume across Arbitrum, Base, and Optimism.
• USDT (ERC-20) balances on exchanges surged by 152.38%, reaching a record high of $22.4 billion.
• Raydium’s average daily trading volume in October exceeded $1.017 billion, representing a 99.89% increase compared to September.
• Gate Ventures partnered with other organizations to launch a new $20 million fund to promote the development of the Move ecosystem.
• Between October 10 and 14, five projects announced new funding, raising a total of over $23.35 million.

Market Analysis

According to Gate.io market data, as of October 14 at 4:00 (UTC+0):

• BTC — The BTC price rose 1.84% in the past 24 hours, with the current price at $64,122. During this period, the highest price was $63,942, and the lowest was $62,049. This suggests that after a period of market adjustment, investor sentiment is gradually improving, attracting more buyers.[1]

• ETH — The ETH price increased by 1.69% in the past 24 hours, currently trading at $2,512.9. During this period, the highest price was $2,520, and the lowest was $2,436.8. A midday surge in trading volume indicated heightened investor activity, further supporting the price rebound.[2]

• ETF — According to SoSoValue data, on October 11, U.S. Bitcoin spot ETFs saw a total net inflow of $254 million[3], while U.S. Ethereum spot ETFs recorded a net outflow of $97,100[4].
• Altcoins — Key sectors such as Modular Blockchain, OKX Ventures Portfolio, and Binance Launchpool increased by 5.51%, 2.72%, and 2.60%, respectively.[5]
• U.S. Stock Market Indexes — The S&P 500 rose by 0.61%, the Nasdaq gained 0.33%, and the Dow Jones increased by 0.97%[6].
• Spot Gold — Spot gold prices dropped by 0.40%, now trading at $2,647 per ounce[7].
• Fear & Greed Index — The Fear & Greed Index declined from 50 to 48 compared to the previous day, indicating that the market remains in a neutral state[8].

Top Performers

According to Gate.io market data, based on the past 24 hours’ trading volume and price performance, the following altcoins are trending:

WELL — Daily gain of approximately 19.6%, with a circulating market cap of $120 million.
Moonwell Artemis utilizes battle-tested code from the Moonwell Apollo protocol to deliver an open, non-custodial lending DeFi protocol. While Apollo is a community-driven protocol with innovative features, Artemis users benefit from faster transaction speeds while maintaining the same level of security.

Moonwell is advancing a proposal to launch a wUSDM market on Optimism, which has been a key factor driving the recent price surge. The community remains optimistic about the impact of this proposal.[9]

ALI — Daily gain of approximately 16.6%, with a circulating market cap of $94.78 million.
Alethea AI is developing a decentralized protocol to create an intelligent metaverse inhabited by interactive intelligent NFTs (iNFTs). Through the iNFT protocol, users can create, train, and earn iNFTs within Noah’s Ark, the world’s first intelligent metaverse.

Recently, AI-related projects have seen widespread gains, and Alethea AI announced a partnership with Solana’s newly launched Solana Seeker phone. This collaboration is likely one of the key drivers of ALI’s price surge.[10]

THL — Daily gain of approximately 11.5%, with a circulating market cap of $27.46 million.
Thala is a DeFi protocol operating on the Aptos blockchain. Governance of the Thala protocol is overseen by $THL token holders, who have the authority to make critical decisions affecting the protocol, such as adjusting swap fees, vault interest rates, and minting fees.

Recently, the Aptos network’s DeFi projects have been highly active. Thala’s THL-related liquidity pools offer annualized returns of up to 38%, boosting demand for THL, which could explain the recent price increase.[11]

Data Highlights

Bitcoin ETF Saw Net Inflow of $254 Million Yesterday
According to SoSoValue data, U.S. Bitcoin spot ETFs recorded a single-day net inflow of approximately $254 million on the previous trading day (October 11), with a total daily trading volume of $2.06 billion.

The cumulative net inflow now stands at $18.81 billion, while the total value of BTC managed by the ETFs has reached $58.66 billion, accounting for 4.71% of Bitcoin’s total market cap.

Ethereum ETF Experienced Net Outflow of $97,100 Yesterday
According to SoSoValue data, U.S. Ethereum spot ETFs recorded a single-day net outflow of $97,100 on the previous trading day (October 11), with a total daily trading volume of $143.5 million. The cumulative net outflow now stands at $558.8 million, while the total value of ETH managed by the ETFs has reached $6.74 billion, accounting for 2.28% of Ethereum’s total market cap.

Base Network Trading Volume Surges, Accounting for 40-60% of L2 Activity
According to IntoTheBlock data, the Base network’s trading volume has grown significantly over the past few months, accounting for 40% to 60% of the total volume across the three major Layer 2 blockchains: Arbitrum, Base, and Optimism.[12]

USDT (ERC-20) Balance on Exchanges Increases by 152.38% to $22.4 Billion, Setting a New Record
According to CryptoQuant data, the USDT balance on major cryptocurrency exchanges has increased from $14.7 billion at the beginning of the year to a record-breaking $22.4 billion, marking a 152.38% increase.[13]

The increase in USDT balances indicates that investors are holding a large amount of capital that has yet to enter the market, possibly waiting for the right opportunity to make large purchases. If favorable news or bullish sentiment emerges, this accumulation of USDT could trigger a new market rally.

Spotlight Analysis

Raydium’s Average Daily Trading Volume Surpasses $1 Billion in October
As of October 14, Raydium’s average daily trading volume in October exceeded $1.017 billion, representing a 99.89% increase compared to September. The Total Value Locked (TVL) also surpassed $1.5 billion, setting a new high for the year. This growth is primarily due to the rapid expansion of the Solana MEME ecosystem.

As a leading AMM (Automated Market Maker) and liquidity provider on Solana, Raydium has significantly benefited from pump.fun. When a token’s market cap reaches a certain threshold, the liquidity in pump.fun’s bonding curve is automatically transferred to Raydium.

The chart below also illustrates the correlation between Raydium’s daily trading volume and pump.fun. In September, intense competition within the TRX ecosystem’s MEME tokens reduced pump.fun’s activity, causing the daily token issuance to drop to around 5,000 and resulting in a sharp decline in Raydium’s daily trading volume.

However, activity rebounded significantly in October, with pump.fun’s daily issuance recovering to about 15,000 tokens, leading to a corresponding increase in Raydium’s trading volume. The liquidity relationship between Raydium and pump.fun highlights the synergy between projects within the Solana ecosystem.

Bitcoin Developer Discloses Vulnerability in Bitcoin Core v25.0
Bitcoin developers have recently disclosed details of a critical software vulnerability. According to senior Core developers, over 13% of home and commercial computers running Bitcoin nodes are vulnerable to Remote Shutdown attacks.

The vulnerability, labeled CVE-2024-35202, affects Bitcoin nodes running versions prior to Core 25.0. Nodes that have not been updated to version 25.0 or later allow attackers to remotely exploit an assertion flaw in the software logic responsible for processing block transaction messages.[15]

Despite its severity, the vulnerability lacks direct financial incentives for typical attackers. The absence of economic motivation reduces the likelihood of large-scale exploitation, but it does not rule out the possibility of malicious actors disrupting specific nodes, especially through targeted attacks.

Moreover, the vulnerability only affects versions earlier than Bitcoin Core 25.0, highlighting the need for node operators to update to the latest version to ensure security. However, Bitcoin nodes are not updated automatically, meaning that many operators may delay updates, creating long-term security risks.

This exposes a paradox within decentralized networks: while decentralization fosters resilience, the fragmentation among node operators can slow down the adoption of critical security updates, leaving the network vulnerable for extended periods.

Gate Ventures and Boon Ventures to Partner with Movement Labs to Launch a $20 Million Crypto Fund
Venture capital firms Gate Ventures and Boon Ventures announced a partnership with Movement Labs to establish a new $20 million fund aimed at fostering the growth of the Move ecosystem. The fund will invest in projects utilizing the Move programming language, covering popular sectors such as DeFi and GameFi, with a particular focus on interoperability solutions for data and asset transfers between Move and EVM ecosystems.

As part of this initiative, supported startups will not only receive funding but also gain access to exclusive entrepreneurship mentorship programs and hackathons to accelerate innovation and market adoption. This collaboration aims to boost the growth of the Move ecosystem and help developers and entrepreneurs harness blockchain’s potential more effectively, driving interoperability and decentralized application innovation. [16]

Funding News

According to RootData, five projects announced funding from October 10 to 14, with the largest amount being $20 million. The total funding raised exceeded $23.35 million, covering sectors such as infrastructure, Layer 2, social platforms, and DeFi.[17]

Ithaca — Ithaca announced the completion of a $20 million seed round, with Paradigm participating. Ithaca is developing Odyssey, an open-source Layer 2 network built using Reth, OP Stack, and Conduit. Ithaca was spun out from the crypto venture fund Paradigm and aims to simplify and scale cutting-edge decentralized applications for developers and users.

Trendies — Completed a $1.75 million funding round, led by Archetype with participation from the Base Ecosystem Fund. Trendies is a social platform where users earn rewards for posting content on social media platforms like Twitter and Farcaster. Users can earn rewards by creating memes, liking content, and staking tokens.

Fission Labs — Completed a $1.6 million seed round, with participation from SALT Fund and Kraynos Capital. The platform’s first product is TECH, a VC secondary market token. Fission aims to bridge the gap between venture capital and decentralized finance (DeFi) by tokenizing private equity investments on Ethereum.

Airdrop Opportunities

World Liberty Finance
World Liberty Financial (WLFI) is a decentralized finance (DeFi) project backed by the Trump family, aimed at promoting cryptocurrency adoption. The project is scheduled to launch its token sale on October 15, 2024, with a target to raise $300 million. The project team includes several crypto industry experts focused on strengthening the dominance of the U.S. dollar and providing secure lending services.

WLFI complies with SEC regulations and will be available only to accredited investors, striving to stand out in an increasingly competitive market.[18]

Notably, the WLFI governance token is non-transferable and cannot be traded on the open market. Investors will not be able to profit from holding the token, as its sole purpose is to participate in governance voting on the platform. This approach markedly differs from other mainstream DeFi projects.

Reminder:
The airdrop plan and participation methods may be updated at any time. Users are advised to follow WLFI’s official channels for the latest information. Additionally, users should participate cautiously, be aware of risks, and conduct thorough research before getting involved. Gate.io does not guarantee the distribution of future airdrop rewards.

Reference：

1. Gate.io, https://www.gate.io/trade/BTC_USDT
2. Gate.io, https://www.gate.io/trade/ETH_USDT
3. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
4. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
5. CoinGecko, https://www.coingecko.com/en/categories
6. Investing, https://investing.com/indices/usa-indices
7. Investing, https://investing.com/currencies/xau-usd
8. Gate.io, https://www.gate.io/bigdata/homeindex
9. Moonwell，https://x.com/MoonwellDeFi/status/1844041488713597312
10. Alethea AI，https://x.com/real_alethea/status/1836619797255077982
11. Thala，https://app.thala.fi/pools
12. intotheblock，https://x.com/intotheblock/status/1845117477455343801
13. CryptoQuant, https://cryptoquant.com/asset/usdt_eth/chart/exchange-flows/exchange-reserve?exchange=all_exchange&window=DAY&ema=0&priceScale=log&metricScale=linear&chartStyle=line
14. Dune, https://dune.com/ilemi/solana-dex-metrics
15. Protos, https://protos.com/no-auto-update-in-bitcoin-core-means-13-of-nodes-could-crash
16. Cointelegraph, https://cointelegraph.com/news/gate-ventures-movement-labs-boon-ventures-launch-crypto-fund
17. Rootdata, https://www.rootdata.com/Fundraising
18. X, https://x.com/realDonaldTrump/status/1845179557852377508

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